Home building decline continues because of 2 things. One, it is hard to borrow money right now since we are experiencing a financial crisis. Two, what a lot of people are earning right now is not enough for them to buy a new home.
You might be thinking about if then bank is able to give you a loan? Though this can happen, it is still not a good idea because mortgages have been quite high in the past few years. In fact this is one of the reasons why this country in such a financial mess.
A lot of people borrow money and in the end could not pay the interest. Because of that, there have been massive foreclosures and the government has stepped in to try and solve the problem with a $700 billion bailout plan.
The bailout plan is designed to overpay banks for bad mortgages but will this work? Some analysts say no because the rollercoaster ride seen on Wall Street has nothing to do with the housing prices. In fact some politicians who were not in favor of the bailout plan argue that the government should never have stepped in the first place because this is a free market economy.
Because this was done, you are forcing the American tax payer, the honest and...
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